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Ziff Davis reports net income of $11.5M for Q4 2003

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New York--Ziff Davis Holdings, the parent company of Ziff Davis Media, reported Thursday that the company’s net income totaled $11.5 million in the fourth quarter of 2003 compared with a net loss of $92.8 million in the same period of 2002. The company’s revenues totaled $59.7 million in the fourth quarter of 2003, a 6.0% increase compared with revenues of $56.3 million for the same period in 2002.

Ziff Davis said its consolidated earnings before interest expense, earnings before interest, taxes, depreciation and amortization (EBITDA) was $17.3 million in the fourth quarter, a 32.1% increase compared with EBITDA of $13.1 million for the year-earlier quarter.

The company reported a net loss for the full year 2003 of $2.8 million compared with a net loss of $196.8 million in 2002. Revenues for the full year 2003 totaled $194.1 million, a 2.1% increase when compared with revenues of $190.2 million from continuing businesses for 2002. EBITDA for the full-year 2003 was $34.5 million, a 93.8% increase when compared with EBITDA of $17.8 million from continuing businesses for the prior-year period.

Ziff Davis CEO Robert Callahan said the positive results provided a strong foundation for 2004. “We’re hopeful that 2004 will be the year where our customers see stronger top-line results for their organizations as general business capital spending and marketing budgets return to normal investment levels,” he said in a statement.

--Sean Callahan

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